Jay-Z settles things with Ray Rae over royalties over his debut album.
As the saying goes: mo' money, mo' problems. Jay-Z knows that first hand. The rapper was recently dubbed the first billionaire in hip-hop but at the same time, he's also had to deal with a few lawsuits. Thankfully, he's received some good news recently when it comes to his battles in the court. According to The Blast, Hov is now in the clear in a suit with his former business partner over the royalties for Reasonable Doubt.
Ari Perilstein/Getty Images
Jay-Z and his former business partner Raynard Herbert, a.k.a Ray Rae, have mutually decided to dismiss the lawsuit over the royalties. Court documents said that the case is now closed. The defendant will also not be able to refile the case and both parties have agreed to pay their own court fees.
The suit was initially filed last year after Ray Rae accused Jay-Z, Dame Dash, Roc-A-Fella, and Roc Nation of not paying him for his contributions to the album after 2008. According to the alleged agreement, Ray Rae was set to receive 1% of the album's profits for helping master the project as well as his role in landing Jay's distribution deal for it. He said he stopped receiving cheques in 2008 -- 10 years after receiving the first cheque. He claimed he never got a response from Roc-A-Fella after reaching out and decided to sue them in hopes to see the company's accounting since he stopped receiving cheques.